New loan aimed at driving positive environmental outcomes
ASB, a leading New Zealand bank, has launched the Business Sustainability Loan, aimed at supporting businesses in their sustainability endeavors and driving positive social and environmental outcomes.
The loan offers a discounted variable interest rate and is available for eligible business projects requiring funding between $25,000 and $2 million.
"We see this new offering as a tool to accelerate change that will benefit both our people and our planet," said Ben Speedy (pictured), acting executive general manager of business banking at ASB.
The loan program is designed to assist businesses involved in social projects that address recognized needs within the community.
These projects may encompass affordable and social housing, employment opportunities for marginalized communities, revitalization of Māori language, customs, and culture, and community uplift initiatives providing essential services such as education, healthcare, and sustainable food systems for marginalized groups.
"We hope this product is a step in the right direction, and we want to encourage all businesses to think outside the box and engage with their communities," Speedy said. "The goal of this funding is to help businesses to help society."
The Business Sustainability Loan also supports businesses seeking to enhance their environmental sustainability efforts and contribute to New Zealand's goal of achieving net-zero emissions by 2050. Eligible projects may involve conservation and biodiversity restoration, adoption of renewable energy sources, pollution prevention, and emissions reduction.
"We are committed to helping create a sustainable future for all New Zealanders and supporting businesses on their journey to achieving better social and environmental outcomes," Speedy said.
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